FSA cracks down on high-pressure rent back sales

The FSA implemented interim rules for the sector on 1 July 2009 to tackle the most immediate issues for consumers as quickly as possible but has now published details of the full regime which will be implemented from 30 June 2010. In the regime, the FSA has banned exploitative advertising and high-pressure sales techniques and prohibited the use of emotive terms like ‘fast sale', ‘mortgage rescue' and ‘cash quickly' in promotional literature. It has introduced a 14 day period to give consumers more time to make decisions on sale and rent back. Cold calling and the dropping of promoti...